Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1887-01-12

tage0us to the State Treasury to have h re-
funding bill passe1 at the coming session
which, besides fixing the rate of interest and
! the tenor of the bonds, shall confer upon the
Treasurer the right, at the earliest practicable
day, to exchange new bonds for the old. OF
redeem the old in cash on such terms as NAV
prove advantageous to the State.
1t the passage of the refunding bill should
be postponed until after the converting of the
legislature of 1889, the State might lose the
advantage of exchange at par of the new
bonds for the old during the last year they
are outstanding
ceive the careful attention of the incoming
ID gislature."
INVESTMENT OF SINKING FUND AccuMuLA-
TIoNs.
"Under the present law the Treasurer is
obliged TO invest the income of the Sinking
Fund in bonds of the United States or of any
Of the New England States.
The Treasurer of Massachusetts j. author.
lied to invest in securities of the Common
wealth, in the notes er bonds of the several
coanties, cities and towns thereof, or in the
scrip or bonds of the several New England
States, Of the State of New York or OF the
United States, except in cases where the
municipal Indebtedness exceeds five per cent
of the valuation.
While the present limited authority for
investing the income of this fund has been
eminently safe. believe that in the present
condltlon of the money market it would be
both safe and wise to empower the Treasurer,
IN addition TO the securities which he is now
authorized to purchase, to invest the accu-
mutations of the Sinking Fund in the notes
or bonds of the several counties, cities and
towns in New England whose net indebted
ness does not exceed five per cent of the last
preceding valuation for the assessment Of
taxes. and would express the hope that ad-
ditional legislation may be had to accomplish
this result"
BOUNTY LOAN OF August Is, 1863 FOR S475,-
900 90 FULLY LIoUIDATED.
The payment by the treasurer of 500, 00O. 90,
the last instalment of this deb, closes the ac-
count with the above named loan.
SUITS AT LAW.
The suit agans. the Grand Trunk Railway
Company of Canada, brought by Attorney
General Cleaves in 1882. to recover the
amount of State taxes then due from that cor
poration, is still pending in the United States
Circuit Court at Portland
The suit against the Knox & Lincoln Rail
road Company commenced in 1884 to recover
tax levied by the Governor and Council un-
der the Statute of 1881, which at the close OF
the year 1885 was pending in the Supreme
Judicial Court, has been decided adversely to
the State. The court held that the peculiar
language OF the charter expressly exempted
the defendant company from taxation.
STATE TAXES AGAINST THE BANGOR AND Prs
cATAouIs RAILROAD CoMPANY, FROM 1881
TO 1855 INCLUSIVE.
The question whether proceedings should
be commenced to enforce payment of these
taxes which amounted in all to Sl,373 OF
awaited the result of the suit against the
Knox Lincoln Company. On receipt of the
decision in that case the Attorney General
rendered the opinion that taxes against the
Bangor and Piscstsquis Co. could not be col
lected as the charter of the latter Co. contains
in substantially identical terms the same ex-
| emption as appears in the charter of the Knox
and Lincoln Co. Subsequently, under an
order of the Governor and Council these tax
es were abated.